Not so generous, I’m afraid. Only the game engine upgrades to Champion Edition for free.
Street Fighter V launched with 16 available characters. Since its release, an additional 23 DLC characters have been released, with the 24th to come next month. These DLC characters were released over four “seasons” of six characters each. In theory, you could buy any or all of these characters with free in-game currency, never having to spend any more real money. However, you could also choose to buy the characters directly with real money, in which case you’d also get a premium costume.
Around two years after release, Capcom announced Arcade Edition. Arcade Edition would become the only version of the game sold through digital stores such as Steam. If you bought Arcade Edition, then you would also be given the first 12 DLC characters. (You can think of it kind of like a Definitive Edition replacing a base edition on a store.) If you owned vanilla SFV, then your game’s engine and name would be upgraded to “Arcade Edition”, but you wouldn’t get the additional free characters.
Next month, Capcom will upgrade SFV to Champion Edition. At that point, the only version of the game sold through Steam will be Champion Edition. If you buy Champion Edition, then you will be given all 24 DLC characters for free, as well as most of the premium outfits. (There are a handful of premium outfits and stages that are not included, such as the Capcom Pro Tour ones.) If you own Arcade Edition, then you will get a free engine upgrade to Champion Edition, but will not get any of the additional free content that will come with a Champion Edition purchase.
However, there is another twist this time. Previously, Capcom did not offer vanilla SFV owners the option to buy Arcade Edition. This was annoying because Arcade Edition sold for less than the price of the first two Season Passes. So this time Capcom is letting Arcade Edition owners buy the paid upgrade to Champion Edition, at least up until Champion Edition is released.
Yeah, I know it is complicated and confusing.
The extra bit of confusion is that I don’t know what key Humble offers. If it is a vanilla key, then you will only get 16 characters, even though the game will be “upgraded” to Arcade Edition. If it is an Arcade Edition key (which is what it should be), then you will get 28 characters. Either way, next month your game will be upgraded to Champion Edition but you won’t get the additional DLC that a person buying Champion Edition will receive. But you could buy the “Champion Edition Upgrade” offered through Steam to get that extra stuff.